Difference NOT Paid by LRP ? ! Difference NOT Paid by LRP Current Debt (-) Disbursed amount at time of contracting for LRP | |
Interest Rate Factor (Rate / 365 Days) ! Interest Rate Factor (Rate / 365 Days) Rate (%) / Number of Days per Year (365.25). Ex. 4.6% = .046 / 365.25 = .00012594 | |
Interest accrued per Day ! Interest accrued per Day Interest Rate Factor x Loan(s) Balance | |
Interest accrued per Month ! Interest accrued per Month Interest per Day x of days per month | |
Interest accrued per Year ! Interest accrued per Year Interest per Day x 365 days per year | |
Interest Accrued over 6yrs ! Interest Accrued over 6yrs Interest per Year x 6yrs (varies as Principal decreases) | |
Government Pays 15% Annually ! Government Pays 15% Annually Anniversary Payment on each approved loan | |
Total Paid by LRP ! Total Paid by LRP 15% Annually x 6yrs = 90% of Disbursed Amount, (-) State and Federal Tax (Approximately 28%) | |
Service Member Debt Remaining ! Service Member Debt Remaining Disbursed Amount (-) Total Paid by LRP | |
TOTAL DEBT ! TOTAL DEBT (Difference NOT Paid by LRP + Interest Accrued over 6yrs + Service Member Debt Remaining) |